Titans Depth Chart


The absence of revision in 2019 is a consequence, according to the Bank of Spain, of several factors whose effects are offset. These are the current behavior of the activity, which is being slightly more dynamic than projected in previous months, to which are added the positive effects of the recent fall in the price of oil. It is also due to the valuation of foreign markets, which is more negative compared to September, which also explains the  Titans Depth Chart downward revision of 2020. The breakdown of the data reflects a fall of half a point in the contribution of external demand to growth with respect to the September projections, which remains in 0.6 points instead of the 0.1 points indicated at that time.

 

Depth Chart Titans

This is compensated by the greater contribution of national demand -3.1 points, four tenths more- to the better prospects of private and public consumption and, above all, of investment, which will grow by 6.2% due to the push of capital goods (7.8%) and construction (6.1%).

Depth Chart Titans
Depth Chart Titans

 

Titans Depth Chart 2019

Precisely the deterioration of foreign markets explains the reduction of the forecast of 2020, which falls entirely in the reduction by one tenth of the contribution of external demand, which remains thus at zero.

Titans Depth Chart 2019
Titans Depth Chart 2019

 

Titans Depth Chart

Looking ahead to 2021, national demand will contribute 1.6 points to growth and net external demand, 0.1 points, with which it would return, after for three years, to register a positive contribution. The Bank of Spain expects the economy to continue growing above its potential driven by monetary policy, the better financial situation of companies and families and the decline in the price of oil, which will reduce unemployment to bring the unemployment rate in 12.2% in 2021.

Titans Depth Chart
Titans Depth Chart

 

Titans QB Depth Chart

The increase in demand will be favored by the better data on employment and wages, although it will tend to slow down, he warns, due to the recovery of the savings rate and because the increase in household disposable income will come from the increase in wages and salaries. not the generation of employment, as it happens now. According to the projections, residential investment “will continue to show high growth rates” thanks to the improvement of employment and access to financing, and also business investment will have “a remarkable dynamism”.

Titans QB Depth Chart
Titans QB Depth Chart

 

Titans WR Depth Chart

Exports “have shown a certain weakness” this year, with prospects for less favorable export markets, while imports are picking up. The Congress of Deputies has approved on Thursday the decree law on payment services that transposes several directives and regulations European and that, among other things, contemplates establishing an anonymous complaints channel in case of market abuse, in order to protect users.

Titans WR Depth Chart
Titans WR Depth Chart

 

For 2019, the Bank of Spain maintains its estimate because the most favorable activity rate and the lowest price of oil and the exchange rate will compensate for the Titans Depth Chart worse performance of foreign markets. In spite of this, it also reduces the contribution of net external demand by two tenths, until subtracting 0.2 points, which is offset by an improvement in national demand.

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